Vancouver, British Columbia, Canada. February 4th,
2011, Columbus Gold
Corporation (CGT:
TSX-V) ("Columbus
Gold") announces that its Summit gold project is
adjacent to where Newmont Mining Corp. announced yesterday (February 3rd)
that it has agreed to acquire Fronteer Gold Inc.,
and its Long Canyon Project for approximately $2.3 billion. Columbus Gold's
Summit Project is strategically located along strike of the Long Canyon
gold deposit currently estimated at 1.4 million oz. gold measured &
indicated (18.4M tonnes at 2.36 g/t) and 800,000
oz. gold inferred (11.2M tonnes at 2.24 g/t).
Step out drilling by Fronteer
at Long Canyon continues to move in the direction of Columbus Gold's Summit
Project and is now only approximately 1,500 feet (457 meters) away from the
Summit property boundary.
Columbus Gold's joint-venture partner,
Agnico-Eagle Mines, is planning to commence a drilling program at Summit in
the first half of 2011 consisting of approximately 6,500 feet (1,980
meters) of drilling. Agnico-Eagle can earn an initial 51% interest in
Summit by completing $3 million in exploration expenditures.
A map of Columbus Gold's Summit project relative
to Fronteer's Long Canyon gold deposit can be
viewed at the following link:
http://www.columbusgoldcorp.com/i/nr/2011-02-03-map.jpg
About Columbus Gold
Columbus Gold is a gold exploration and
development company operating in French Guiana and Nevada. In French
Guiana, Columbus Gold recently acquired an option to earn a 100% interest
in the Paul Isnard gold project, which has a
43-101 compliant 1.9 million ounce inferred gold resource and substantial
expansion potential. In Nevada, Columbus is a prolific project generator
focused on advancing projects either through joint-venture with industry
partners or on its own where exploration risk is minimized and potential is
particularly promising. Exploration activities are managed by Cordex which is owned and operated by Andy Wallace who
has a long and successful history of gold discovery and mine development.
Columbus Gold currently has 12 of its 22 strategically located gold
projects in Nevada joint ventured to major and junior mining companies,
including Agnico-Eagle Mines Limited. To learn more about Columbus Gold's
drilling plans in Nevada in 2011 visit the following link: www.columbusgoldcorp.com/i/nr/2011-nv-drilling.pdf
ON BEHALF OF THE BOARD,
Peter Kendrick
President
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy
of this release.
For more information contact:
Peter Kendrick
President
604 638-3474 or
1 888 818-1364
info@columbusgoldcorp.com
This release contains forward-looking information and statements, as
defined by law including without limitation Canadian securities laws and
the "safe harbor" provisions of the US Private Securities
Litigation Reform Act of 1995 ("forward-looking statements"),
respecting drilling, joint venture earn-in to Columbus Gold's properties,
and Columbus Gold's general exploration plans. Forward-looking statements
involve risks, uncertainties and other factors that may cause actual
results to be materially different from those expressed or implied by the
forward-looking statements, including without limitation the ability to
acquire necessary permits and other authorizations; a joint venture
partner's ongoing willingness and ability to earn into a project; environmental
compliance; cost increases; availability of qualified workers and drilling
equipment; competition for mining properties; risks associated with
exploration projects, mineral reserve and resource estimates (including the
risk of assumption and methodology errors); dependence on third parties for
services; non-performance by contractual counterparties; title risks; and
general business and economic conditions. Forward-looking statements are
based on a number of assumptions that may prove to be incorrect, including
without limitation assumptions about: general business and economic
conditions; the timing and receipt of required approvals; the assumption
that a joint venture partner will be willing and able to continue work on
the project and to earn into same; availability of financing; power prices;
ability to procure equipment and supplies including without limitation
drill rigs; and ongoing relations with employees, partners and joint venturers. The foregoing list is not exhaustive and we
undertake no obligation to update any of the foregoing except as required
by law.